Intrinsic value of Fair Isaac - FICO

Previous Close

$137.94

  Intrinsic Value

$144.50

stock screener

  Rating & Target

hold

+5%

  Value-price divergence*

+88%

Previous close

$137.94

 
Intrinsic value

$144.50

 
Up/down potential

+5%

 
Rating

hold

 
Value-price divergence*

+88%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of FICO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.01
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
Revenue, $m
  881
  970
  1,063
  1,160
  1,261
  1,366
  1,476
  1,590
  1,708
  1,831
  1,959
  2,091
  2,229
  2,373
  2,522
  2,678
  2,840
  3,009
  3,185
  3,368
  3,560
  3,760
  3,969
  4,188
  4,416
  4,655
  4,904
  5,166
  5,439
  5,726
  6,026
Variable operating expenses, $m
 
  246
  262
  279
  296
  314
  333
  352
  373
  394
  416
  359
  382
  407
  432
  459
  487
  516
  546
  577
  610
  645
  680
  718
  757
  798
  841
  886
  932
  982
  1,033
Fixed operating expenses, $m
 
  505
  518
  531
  544
  558
  572
  586
  601
  616
  631
  647
  663
  680
  697
  714
  732
  750
  769
  788
  808
  828
  849
  870
  892
  914
  937
  960
  984
  1,009
  1,034
Total operating expenses, $m
  712
  751
  780
  810
  840
  872
  905
  938
  974
  1,010
  1,047
  1,006
  1,045
  1,087
  1,129
  1,173
  1,219
  1,266
  1,315
  1,365
  1,418
  1,473
  1,529
  1,588
  1,649
  1,712
  1,778
  1,846
  1,916
  1,991
  2,067
Operating income, $m
  170
  219
  283
  350
  421
  495
  571
  651
  735
  822
  912
  1,086
  1,184
  1,287
  1,393
  1,505
  1,621
  1,743
  1,870
  2,003
  2,142
  2,288
  2,440
  2,600
  2,767
  2,943
  3,127
  3,320
  3,523
  3,735
  3,959
EBITDA, $m
  202
  302
  366
  434
  505
  579
  656
  737
  820
  907
  998
  1,093
  1,192
  1,295
  1,402
  1,514
  1,631
  1,753
  1,881
  2,014
  2,154
  2,300
  2,453
  2,614
  2,782
  2,958
  3,143
  3,337
  3,541
  3,755
  3,979
Interest expense (income), $m
  27
  23
  26
  29
  33
  37
  41
  45
  49
  53
  57
  62
  67
  72
  77
  83
  88
  94
  100
  107
  114
  121
  128
  135
  143
  152
  161
  170
  179
  189
  200
Earnings before tax, $m
  145
  196
  257
  321
  388
  458
  531
  607
  686
  769
  855
  1,024
  1,117
  1,215
  1,316
  1,422
  1,533
  1,649
  1,770
  1,896
  2,028
  2,167
  2,312
  2,464
  2,624
  2,791
  2,966
  3,150
  3,344
  3,546
  3,759
Tax expense, $m
  36
  53
  69
  87
  105
  124
  143
  164
  185
  208
  231
  276
  302
  328
  355
  384
  414
  445
  478
  512
  548
  585
  624
  665
  708
  754
  801
  851
  903
  958
  1,015
Net income, $m
  109
  143
  188
  234
  283
  334
  388
  443
  501
  561
  624
  747
  816
  887
  961
  1,038
  1,119
  1,203
  1,292
  1,384
  1,481
  1,582
  1,688
  1,799
  1,915
  2,037
  2,165
  2,300
  2,441
  2,589
  2,744

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  76
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,221
  1,261
  1,382
  1,509
  1,640
  1,777
  1,919
  2,067
  2,221
  2,381
  2,547
  2,720
  2,899
  3,086
  3,280
  3,482
  3,693
  3,913
  4,142
  4,380
  4,630
  4,890
  5,161
  5,445
  5,742
  6,053
  6,378
  6,718
  7,073
  7,446
  7,836
Adjusted assets (=assets-cash), $m
  1,145
  1,261
  1,382
  1,509
  1,640
  1,777
  1,919
  2,067
  2,221
  2,381
  2,547
  2,720
  2,899
  3,086
  3,280
  3,482
  3,693
  3,913
  4,142
  4,380
  4,630
  4,890
  5,161
  5,445
  5,742
  6,053
  6,378
  6,718
  7,073
  7,446
  7,836
Revenue / Adjusted assets
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
Average production assets, $m
  82
  90
  99
  108
  117
  127
  137
  148
  159
  170
  182
  194
  207
  221
  235
  249
  264
  280
  296
  313
  331
  350
  369
  389
  411
  433
  456
  480
  506
  533
  560
Working capital, $m
  22
  25
  28
  30
  33
  36
  38
  41
  44
  48
  51
  54
  58
  62
  66
  70
  74
  78
  83
  88
  93
  98
  103
  109
  115
  121
  128
  134
  141
  149
  157
Total debt, $m
  571
  566
  640
  717
  797
  881
  968
  1,058
  1,152
  1,249
  1,351
  1,456
  1,565
  1,679
  1,798
  1,921
  2,050
  2,184
  2,323
  2,469
  2,621
  2,780
  2,945
  3,119
  3,300
  3,489
  3,687
  3,895
  4,112
  4,339
  4,577
Total liabilities, $m
  774
  769
  843
  920
  1,000
  1,084
  1,171
  1,261
  1,355
  1,452
  1,554
  1,659
  1,768
  1,882
  2,001
  2,124
  2,253
  2,387
  2,526
  2,672
  2,824
  2,983
  3,148
  3,322
  3,503
  3,692
  3,890
  4,098
  4,315
  4,542
  4,780
Total equity, $m
  447
  492
  539
  588
  640
  693
  749
  806
  866
  929
  993
  1,061
  1,131
  1,203
  1,279
  1,358
  1,440
  1,526
  1,615
  1,708
  1,806
  1,907
  2,013
  2,124
  2,240
  2,361
  2,487
  2,620
  2,759
  2,904
  3,056
Total liabilities and equity, $m
  1,221
  1,261
  1,382
  1,508
  1,640
  1,777
  1,920
  2,067
  2,221
  2,381
  2,547
  2,720
  2,899
  3,085
  3,280
  3,482
  3,693
  3,913
  4,141
  4,380
  4,630
  4,890
  5,161
  5,446
  5,743
  6,053
  6,377
  6,718
  7,074
  7,446
  7,836
Debt-to-equity ratio
  1.277
  1.150
  1.190
  1.220
  1.250
  1.270
  1.290
  1.310
  1.330
  1.350
  1.360
  1.370
  1.380
  1.400
  1.410
  1.410
  1.420
  1.430
  1.440
  1.450
  1.450
  1.460
  1.460
  1.470
  1.470
  1.480
  1.480
  1.490
  1.490
  1.490
  1.500
Adjusted equity ratio
  0.324
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  109
  143
  188
  234
  283
  334
  388
  443
  501
  561
  624
  747
  816
  887
  961
  1,038
  1,119
  1,203
  1,292
  1,384
  1,481
  1,582
  1,688
  1,799
  1,915
  2,037
  2,165
  2,300
  2,441
  2,589
  2,744
Depreciation, amort., depletion, $m
  32
  83
  83
  84
  84
  84
  85
  85
  86
  86
  86
  7
  7
  8
  8
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
Funds from operations, $m
  198
  226
  271
  318
  367
  419
  472
  528
  586
  647
  710
  754
  823
  895
  969
  1,047
  1,129
  1,214
  1,302
  1,395
  1,493
  1,594
  1,701
  1,813
  1,930
  2,053
  2,182
  2,317
  2,459
  2,608
  2,764
Change in working capital, $m
  13
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
Cash from operations, $m
  185
  224
  269
  316
  365
  416
  469
  525
  583
  644
  707
  751
  819
  891
  965
  1,043
  1,124
  1,209
  1,298
  1,391
  1,488
  1,589
  1,696
  1,807
  1,924
  2,047
  2,175
  2,310
  2,452
  2,601
  2,757
Maintenance CAPEX, $m
  0
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
New CAPEX, $m
  -22
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
Cash from investing activities, $m
  -28
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -20
  -22
  -22
  -24
  -26
  -26
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -39
  -40
  -42
  -45
  -47
Free cash flow, $m
  157
  213
  257
  303
  351
  402
  455
  510
  567
  627
  689
  732
  800
  870
  944
  1,020
  1,100
  1,184
  1,271
  1,363
  1,459
  1,559
  1,664
  1,774
  1,889
  2,010
  2,137
  2,270
  2,409
  2,556
  2,710
Issuance/(repayment) of debt, $m
  -37
  71
  74
  77
  80
  83
  87
  90
  94
  97
  101
  105
  109
  114
  119
  123
  129
  134
  140
  146
  152
  159
  166
  173
  181
  189
  198
  207
  217
  227
  238
Issuance/(repurchase) of shares, $m
  -121
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -163
  71
  74
  77
  80
  83
  87
  90
  94
  97
  101
  105
  109
  114
  119
  123
  129
  134
  140
  146
  152
  159
  166
  173
  181
  189
  198
  207
  217
  227
  238
Total cash flow (excl. dividends), $m
  -8
  284
  330
  380
  432
  485
  542
  600
  661
  724
  790
  837
  909
  984
  1,062
  1,144
  1,229
  1,318
  1,411
  1,509
  1,611
  1,717
  1,829
  1,947
  2,070
  2,199
  2,335
  2,477
  2,626
  2,783
  2,948
Retained Cash Flow (-), $m
  -10
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -97
  -101
  -106
  -111
  -116
  -121
  -127
  -133
  -139
  -145
  -152
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  239
  283
  331
  380
  432
  486
  542
  601
  662
  725
  770
  839
  911
  986
  1,065
  1,147
  1,232
  1,322
  1,415
  1,513
  1,616
  1,724
  1,836
  1,954
  2,078
  2,208
  2,344
  2,487
  2,638
  2,795
Discount rate, %
 
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
 
  224
  247
  266
  281
  290
  295
  294
  289
  280
  266
  242
  224
  204
  182
  160
  138
  117
  97
  79
  63
  50
  38
  28
  21
  15
  10
  7
  4
  3
  2
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Fair Isaac Corporation develops analytic, software, and data management products and services that enable businesses to automate, enhance, and connect decisions. The company offers analytical solutions, credit scoring, and credit account management products and services to banks, credit reporting agencies, credit card processing agencies, insurers, retailers, healthcare organizations, and public agencies. It operates through three segments: Applications, Scores, and Decision Management Software. The Applications segment offers pre-configured decision management applications designed for various business problem or process, such as marketing, account origination, customer management, fraud, collections, and insurance claims management, as well as associated professional services. The Scores segment provides business-to-business scoring solutions and services, including myFICO solutions for consumers that give clients access to analytics to be integrated into their transaction streams and decision-making processes, as well as associated professional services. The Decision Management Software segment offers analytic and decision management software tools, as well as professional services. The company offers a portfolio of applications, tools, and services in the cloud to clients through its FICO Analytic Cloud, FICO Decision Management Suite, and FICO Decision Management Platform. Fair Isaac Corporation markets its products and services primarily through its direct sales organization; indirect channels; subsidiary sales organizations; and resellers and independent distributors, as well as online. The company was formerly known as Fair Isaac & Company, Inc. and changed its name to Fair Isaac Corporation in July 1992. Fair Isaac Corporation was founded in 1956 and is headquartered in San Jose, California.

FINANCIAL RATIOS  of  Fair Isaac (FICO)

Valuation Ratios
P/E Ratio 39.1
Price to Sales 4.8
Price to Book 9.5
Price to Tangible Book
Price to Cash Flow 23.1
Price to Free Cash Flow 26.2
Growth Rates
Sales Growth Rate 5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12%
Cap. Spend. - 3 Yr. Gr. Rate -1.7%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 110.5%
Total Debt to Equity 127.7%
Interest Coverage 6
Management Effectiveness
Return On Assets 10.6%
Ret/ On Assets - 3 Yr. Avg. 9.8%
Return On Total Capital 10.6%
Ret/ On T. Cap. - 3 Yr. Avg. 9.5%
Return On Equity 24.7%
Return On Equity - 3 Yr. Avg. 21.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 69.1%
Gross Margin - 3 Yr. Avg. 68.4%
EBITDA Margin 23.2%
EBITDA Margin - 3 Yr. Avg. 22.8%
Operating Margin 19.2%
Oper. Margin - 3 Yr. Avg. 18.7%
Pre-Tax Margin 16.5%
Pre-Tax Margin - 3 Yr. Avg. 15.4%
Net Profit Margin 12.4%
Net Profit Margin - 3 Yr. Avg. 11.6%
Effective Tax Rate 24.8%
Eff/ Tax Rate - 3 Yr. Avg. 24.5%
Payout Ratio 1.8%

FICO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FICO stock intrinsic value calculation we used $881 million for the last fiscal year's total revenue generated by Fair Isaac. The default revenue input number comes from 2016 income statement of Fair Isaac. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our FICO stock valuation model: a) initial revenue growth rate of 10.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.8%, whose default value for FICO is calculated based on our internal credit rating of Fair Isaac, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Fair Isaac.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of FICO stock the variable cost ratio is equal to 26.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $493 million in the base year in the intrinsic value calculation for FICO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.6% for Fair Isaac.

Corporate tax rate of 27% is the nominal tax rate for Fair Isaac. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the FICO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for FICO are equal to 9.3%.

Life of production assets of 27.8 years is the average useful life of capital assets used in Fair Isaac operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for FICO is equal to 2.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $447 million for Fair Isaac - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 30.588 million for Fair Isaac is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Fair Isaac at the current share price and the inputted number of shares is $4.2 billion.

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COMPANY NEWS

▶ How Much Available Credit Should I Have?   [Aug-16-17 12:17PM  Motley Fool]
▶ FICO Selects AWS as Its Cloud Provider   [09:00AM  Business Wire]
▶ Fair Isaac posts 3Q profit   [Jul-31-17 09:56PM  Associated Press]
▶ How Your Credit Score Affects Car Financing   [Jul-24-17 04:10PM  Consumer Reports]
▶ 5 Credit Score Facts You Need to Know   [08:17AM  Motley Fool]
▶ FICO Extends Cybersecurity Score to Rate 4th Party Risks   [Jul-11-17 08:30AM  PR Newswire]
▶ Innovators Wanted: FICO Decisions Awards 2017 Now Open   [Jul-05-17 12:00PM  PR Newswire]
▶ Your credit score may jump starting in July   [Jul-01-17 10:00AM  CNBC]
▶ Your credit score may jump starting in July   [Jun-28-17 08:30AM  CNBC]
▶ 5 Terrible Credit Score Myths   [Jun-12-17 09:21AM  Motley Fool]
▶ [$$] How Companies Should Approach Cyberinsurance   [07:15AM  The Wall Street Journal]
▶ Here's a Fast, Simple Way to Improve Your Credit Score   [Jun-08-17 06:25AM  Motley Fool]
▶ 3 Stocks With Embarrassingly Low Dividends   [May-31-17 09:35AM  Motley Fool]
▶ FICO to Present at Upcoming Investor Conferences   [May-30-17 04:15PM  PR Newswire]
▶ [$$] Credit Scores Hit Record High as Recession Wounds Heal   [12:31AM  The Wall Street Journal]
▶ [$$] Credit Scores Hit Record Highs as Recession Wounds Heal   [May-29-17 07:00AM  The Wall Street Journal]
▶ Two Minute Money: Combating Credit Card Fraud   [May-22-17 10:20AM  Yahoo Finance Video]
▶ Fix My Finances: Recovering From Chapter 7 Bankruptcy   [May-15-17 11:49AM  Yahoo Finance Video]
▶ ETFs with exposure to Fair Isaac Corp. : May 2, 2017   [May-02-17 04:02PM  Capital Cube]
▶ Fair Isaac posts 2Q profit   [Apr-27-17 07:08PM  Associated Press]
▶ Major changes coming to how your credit score is calculated   [Apr-19-17 11:15AM  Associated Press]
▶ FICO, Experian Join Forces to Expand Free Credit Scores   [Mar-08-17 01:48PM  at The Wall Street Journal]
▶ FICO Declares Quarterly Cash Dividend   [03:00PM  PR Newswire]
Stock chart of FICO Financial statements of FICO
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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